Stocks Keep Gaining On QE3 News; Apple Hits New High

Stocks showed big gains and traded near session highs in midafternoon action, as the market continued to cheer the Federal Reserve's latest policy announcement.

The main indexes have marched upward since the announcement at 12:30 p.m. ET. They're touching fresh multiyear highs and holding up during Fed chief Ben Bernanke's news conference that's now under way.

The S&P 500 was up 1.7%, the Dow Jones industrial average rose 1.6% and the Nasdaq added 1.5%. Turnover was tracking up from Wednesday's levels across the board.

The Federal Reserve unveiled a third round of quantitative easing in its announcement, saying it will buy $40 billion of agency mortgage-backed securities per month in addition to its current program. It also said it likely will keep interest rates low through mid-2015, stretching out its time frame from its previous target of late 2014.

In addition, the central bank indicated an open-ended approach. Its policy announcement said the Fed "expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens."

"The Fed is going all out to say that easy money is here for a very long time," Miller Tabak said in a note released after the announcement. "Will markets warm to its latest actions? We think so."

Apple (AAPL) rose 2% in strong turnover, as investors showed their approval for its media event on Wednesday, when it took the wraps off the iPhone 5, new iPods and other updates. Some analysts have raised their price target for the stock and said the event was impressive. The tech giant, No. 6 in Wednesday's IBD 50, has touched a fresh all-time high and stands 10% past a 619.97 cup-with-handle entry.

Ellie Mae (ELLI) soared 8% in big trade, breaking through resistance around the 27 level. The stock, No. 44 in Wednesday's IBD 50, had sketched an area of tight trading in recent weeks with resistance near 27. The 2011 IPO provides mortgage origination software.

Among leading stocks, Equinix (EQIX) surged 10% in huge volume, though it had been up as much as 14% as it hit a multiyear high. The data center operator said its board has approved a plan to convert into a real estate investment trust or REIT, in a move that provides tax benefits.

Equinix dropped Wednesday to support at its 10-week moving average, and it's now lifting off that key level. The stock has earned a 97 IBD Composite Rating out of a best-possible 99.

NetSuite (N) jumped 4% in fast trade, as it followed through on its breakout Wednesday past a 59.32 flat-base buy point. The software maker is hitting a fresh high but also trading about 4% past 59.32, meaning it's still in a possible buying range. It has a highest possible Composite Rating of 99.

On the downside, Stratasys (SSYS) slid nearly 2% in big trade. The maker of 3D printers rebounded off support at its 50-day moving average on Wednesday. The stock remains above the 50-day line, but is running into turbulence. It was No. 24 in Wednesday's IBD 50 lineup.

Stocks showed big gains and traded near session highs in midafternoon action, as the market continued to cheer the Federal Reserve's latest policy announcement.

The main indexes have marched upward since the announcement at 12:30 p.m. ET. They're touching fresh multiyear highs and holding up during Fed chief Ben Bernanke's news conference that's now under way.

The S&P 500 was up 1.7%, the Dow Jones industrial average rose 1.6% and the Nasdaq added 1.5%. Turnover was tracking up from Wednesday's levels across the board.

The Federal Reserve unveiled a third round of quantitative easing in its announcement, saying it will buy $40 billion of agency mortgage-backed securities per month in addition to its current program. It also said it likely will keep interest rates low through mid-2015, stretching out its time frame from its previous target of late 2014.

In addition, the central bank indicated an open-ended approach. Its policy announcement said the Fed "expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens."

"The Fed is going all out to say that easy money is here for a very long time," Miller Tabak said in a note released after the announcement. "Will markets warm to its latest actions? We think so."

Apple (AAPL) rose 2% in strong turnover, as investors showed their approval for its media event on Wednesday, when it took the wraps off the iPhone 5, new iPods and other updates. Some analysts have raised their price target for the stock and said the event was impressive. The tech giant, No. 6 in Wednesday's IBD 50, has touched a fresh all-time high and stands 10% past a 619.97 cup-with-handle entry.

Ellie Mae (ELLI) soared 8% in big trade, breaking through resistance around the 27 level. The stock, No. 44 in Wednesday's IBD 50, had sketched an area of tight trading in recent weeks with resistance near 27. The 2011 IPO provides mortgage origination software.

Among leading stocks, Equinix (EQIX) surged 10% in huge volume, though it had been up as much as 14% as it hit a multiyear high. The data center operator said its board has approved a plan to convert into a real estate investment trust or REIT, in a move that provides tax benefits.

Equinix dropped Wednesday to support at its 10-week moving average, and it's now lifting off that key level. The stock has earned a 97 IBD Composite Rating out of a best-possible 99.

NetSuite (N) jumped 4% in fast trade, as it followed through on its breakout Wednesday past a 59.32 flat-base buy point. The software maker is hitting a fresh high but also trading about 4% past 59.32, meaning it's still in a possible buying range. It has a highest possible Composite Rating of 99.

On the downside, Stratasys (SSYS) slid nearly 2% in big trade. The maker of 3D printers rebounded off support at its 50-day moving average on Wednesday. The stock remains above the 50-day line, but is running into turbulence. It was No. 24 in Wednesday's IBD 50 lineup.

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